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Record #: O2013-5430   
Type: Ordinance Status: Passed
Intro date: 6/26/2013 Current Controlling Legislative Body: Committee on Finance
Final action: 7/24/2013
Title: Amendment of Roosevelt/Racine Tax Increment Financing (TIF) Plan
Sponsors: Emanuel, Rahm
Topic: TAX INCREMENT FINANCING DISTRICTS - Roosevelt/Racine T.I.F. - Redevelopment Agreements
Attachments: 1. O2013-5430.pdf

WHEREAS, under ordinances adopted on November 4, 1998, and published in the Journal of Proceedings of the City Council for such date at pages 80527 through 80642, and under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11 - 74.4-1 et seg., as amended (the "Act"), the City Council (the "Corporate Authorities") of the City of Chicago (the "City"): (i) approved a redevelopment plan and project (the "Redevelopment Plan") for a portion of the City known as the "Roosevelt/Racine Redevelopment Project Area" (the "Redevelopment Project Area") (such ordinance being defined herein as the "Plan Ordinance"); (ii) designated the Redevelopment Project Area as a "redevelopment project area" within the requirements of the Act (the "Designation Ordinance") and, (iii) adopted tax increment financing for the Redevelopment Project Area (the "TIF Adoption Ordinance") (the Plan Ordinance, the Designation Ordinance and the TIF Adoption Ordinance are collectively referred to in this ordinance as the "TIF Ordinances"); and
WHEREAS, the Redevelopment Plan established the estimated dates of completion of the redevelopment project described in the Redevelopment Plan and of the retirement of obligations issued to finance redevelopment project costs to be not more than twenty-three (23) years from the date of the adoption of the Plan Ordinance, such ultimate retirement date occurring in the year 2021, and the Corporate Authorities made a finding in the Plan Ordinance that such dates were not more than twenty-three (23) years from the date of the adoption of the Designation Ordinance in accordance with the provisions of Section 11-74.4-3(n)(3) of the Act in effect on the date of adoption of the TIF Ordinances; and
WHEREAS, Public Act 96-0773 (the "Amendatory Act"), which became effective August 28, 2009, amended the Act, among other things, to change Section 11-74.4-3.5 of the Act to provide that the date by which redevelopment projects in the Redevelopmen...

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